On Thursday, January 17, trading ended for EUR / USD by a decrease of as little as 5 bp. Thus, the uptrend trend, taking its beginning on November 12, takes an ambiguous and complex look, but retains the prospects for its development. The whole wave takes the form of a diagonal triangle. Reducing the pair continuously can lead to a strong complication of the current wave pattern. Nevertheless, an unsuccessful attempt to break through to the nearest Fibonacci levels could lead to a resumption of a rise within wave 5.
1.1345 - 38.2% Fibonacci
1.1315 - 23.6% Fibonacci
1.1599 - 161.8% Fibonacci
1.1677 - 200.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to build the estimated wave 4, in s. Since the wave with does not look fully equipped, I expect the resumption of raising the tool and recommend purchases with targets located near the estimated marks 1.1599 and 1.1677. More so, I recommend placing protective orders below the 23.6% Fibonacci level, which is the minimum of the expected wave of 2, in s.
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